UK Payments Administration
England has something called the UK Payments Administration which helps people move their money around. Imagine you have a piggy bank full of coins, but your friend wants to borrow some for candy. You can't just give them the whole piggy bank, so you need a way to take out a few coins and give them to your friend.
The UK Payments Administration helps banks and other businesses move money from one place to another. Let's say your bank wants to send money to another bank. They use a special system called Bacs (say "backs") to do this. It's like magic: the money disappears from one bank and appears in the other bank!
But that's not all the UK Payments Administration does. They also have systems for paying bills, like gas and electricity. Your parents can set up a direct debit so the money is taken from their bank account automatically. This means they don't have to remember to pay the bill every month.
And if you're shopping online, you might use something called Faster Payments. This lets you pay right away using your bank's website or app. The UK Payments Administration helps make sure the money gets to the right place and the right person.
In summary, the UK Payments Administration helps move money around so you can buy things and pay bills. They use special systems like Bacs and Faster Payments to make it all happen!
The UK Payments Administration helps banks and other businesses move money from one place to another. Let's say your bank wants to send money to another bank. They use a special system called Bacs (say "backs") to do this. It's like magic: the money disappears from one bank and appears in the other bank!
But that's not all the UK Payments Administration does. They also have systems for paying bills, like gas and electricity. Your parents can set up a direct debit so the money is taken from their bank account automatically. This means they don't have to remember to pay the bill every month.
And if you're shopping online, you might use something called Faster Payments. This lets you pay right away using your bank's website or app. The UK Payments Administration helps make sure the money gets to the right place and the right person.
In summary, the UK Payments Administration helps move money around so you can buy things and pay bills. They use special systems like Bacs and Faster Payments to make it all happen!